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Does an irrevocable trust with a life estate provision need to file a trust return if there is no income or other activity that the trust is involved with?
Wiki User
∙ 16y ago
It is always a good idea to file a return, even if there is no activity. It shows that the trust is still being maintained and that there is no unreported activity going on.
Wiki User
∙ 16y ago
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When an irrevocable trust ends how long do people have to sue the estate?
An irrevocable trust and an estate are two separate and distinct legal arrangements. If a person transfers their property to an irrevocable trust it is no longer part of their estate. You need to consult with an attorney who can review your situation, hear the details and explain your options.
Which policies is used in estate planning to fund irrevocable trusts?
Some commonly used policies in estate planning to fund irrevocable trusts include life insurance policies, retirement accounts, and gifting strategies. These assets can be transferred into the irrevocable trust to provide financial security for beneficiaries and potentially reduce estate taxes.
What if a life estate tenant remarries?
Marriage doesn't affect a life estate unless that was made a provision in the original grant of the life estate.Marriage doesn't affect a life estate unless that was made a provision in the original grant of the life estate.Marriage doesn't affect a life estate unless that was made a provision in the original grant of the life estate.Marriage doesn't affect a life estate unless that was made a provision in the original grant of the life estate.
Can someone with life estate keep the one out that the house was left to?
No....If the home was in a irrevocable or trust life estate and that person died or in the case of the irrevocable trust there still alive and your the benaficairy the trustee can keep you out, but eventually depending on what the terms of the estate are turn the trust or estate over to you. Seek the advice of a probate attorney.
What is the difference between an irrevocable trust and a living trust?
Provisions of a living trust remain valid as long as you stay alive, but the benefactors of your estate are not bound by these provisions once you have died. An irrevocable trust binds the benefactors of your estate to the trust's provisions.
Must an unwritten debt to deceased parents be paid by a daughter to the estate in irrevocable trust?
In reality, if there is no written proof of the debt, the estate cannot collect.
Can a trustee in an irrevocable life insurance trust borrow money from a life insurance?
No to avoid estate tax penalty
Can the heirs to a real estate irrevocable trust be decreased from 5 to 3?
no, only by the grantor or in case of the grantee's death
Can you refinance a home in a irrevocable trust?
http://en.allexperts.com/q/Real-Estate-Home-1842/Refinancing-Trust.htm
What is the benefit of placing term life insurance in a irrevocable trust?
The grantors of an irrevocable trust can take out life insurance on themselves and put it (term or whole life insurance) in the trust in order to pay the estate taxes on their estate assets when they die. This allows the grantor (giver of assets) to leave his estate assets to his children or someone else (beneficiaries) without them having to pay estate tax, or death tax as some call it.
What is listed in a decedent's estate when he already had an irrevocable trust?
Any property owned by the decedent in his individual capacity would be included in his estate. Any property that was transferred to a trust during life would not be included in the estate.
Can you change trustees in a life estate?
Trustees are not generally involved in a life estate.Trustees are not generally involved in a life estate.Trustees are not generally involved in a life estate.Trustees are not generally involved in a life estate.
